Hedge fund Marcato will vote against Acreage's sale to Canopy Growth

{1} 维权对冲基金Marcato Capital Management表示将投票反对大麻零售商Acreage Holdings对Canopy Growth的具有里程碑意义的出售.Canopy Growth支付了3亿美元4月份有权收购Acreage Holdings，等待美国联邦大麻合法化。股东投票预计将在6月份发生。拥有美国大麻零售商Acreage Holdings大量股份的激进对冲基金反对该公司对加拿大大麻零售商Canopy Growth的具有里程碑意义的出售。总部位于旧金山的Marcato Capital Management拥有该公司。在一份周一的信中，该公司表示将对这笔交易作出反对，并称其在Canopy的支持下“不平衡”。这封信是由Marcato的创始人兼执行合伙人Mick Mcguire签署的。 “这项拟议交易中提供的结构和考虑因素并没有为Acreage股东创造价值，”这封信说。阅读更多：领导Canopy Growth以34亿美元收购美国大麻种植者Acreage Holdings的突破性律师表示，此次出售将为寻求类似交易的公司“重置市场”马卡托表示将在6月投票反对该交易，并希望Acreage保持独立。如果Acreage的董事会坚持出售公司或与主要的大麻，酒精，烟草或其他消费品公司建立战略合作关系，那么Marcato表示，它更愿意聘请一家投资银行进行正式拍卖。具体来说，Marcato说34亿美元的交易价值“远远低于Acreage的公允价值”，并指出自交易宣布前一天以来，Acreage的股价下跌了6％，同期Canopy的股价上涨了15％。 “这两家公司的股东似乎都认同Marcato认为这对于Canopy来说是一个很大的交易，对Acreage来说是一个可怕的交易，”这封信说。 “Acreage股票的冠层股票对于Acreage股东来说简直是一笔不小的交易。”Marcato还召集了投资银行Canaccord Genuity的Fairne对交易的意见。 Canaccord分析师认为Acreage的股票价格为27.48美元，这是在该公司以每股35美元的价格开始报道四个月之后.Acreage发言人Howard Schacter告诉Business Insider，该公司“非常有信心”这项交易将会完成。 Schacter表示，Marcato反对这项交易是“一个股东的意见”。 “这与我们自宣布交易以来我们谈过的大多数股东的意见不一致。”阅读更多：Top cannabis首席执行官们表示，Canopy Growth以34亿美元的价格购买中耕锅'震撼了真实的基础'和将刺激大麻并购热潮Canopy于4月份宣布，已签订有条件协议，以34亿美元收购Acreage，条件是美国联邦对大麻的合法化。在6月份股东投票之前，种植面积股东将立即获得3亿美元的现金支付，剩余的余额将在大麻在美国合法化时出现。如果联邦政府合法，该交易将在7年内终止。途径不会出现。目前尚不清楚如果交易没有通过，Canopy Growth预付的3亿美元将会发生什么。该交易的复杂结构是由于美国大麻的规定不断变化。虽然大麻在33个州以某种形式成人是合法的，但它仍然是联邦非法的。根据The Globe and Mail的报道，Acreage首席执行官凯文墨菲本月早些时候写信给股东，试图澄清一些人说这笔交易令人困惑的结构.Acreage计划在接下来的两到三发布收购通告几个星期，以揭示两家公司之间谈判的新细节。阅读更多：大麻零售商Curaleaf以9.99亿美元的价格抢购了Cura Partners迄今为止最大的美国大麻合并，因为整合行业的浪潮席卷了整个行业我们独家看了一下这个混乱的大麻科技创业公司Headset曾经筹集1200万美元和墨水与尼尔森和DeloitteTop打交道annabis投资者透露了他们下注的位置，但他们说在拥挤的CBD空间里有“痛苦”。一家大麻公司的首席执行官在布鲁克林有一个光滑的新药房谈论公司首次公开募股14亿美元后的扩张计划 {1}{0}{1}

Activist hedge fund Marcato Capital Management says it will vote against marijuana retailer Acreage Holdings' landmark sale to Canopy Growth.Canopy Growth paid $300 million in April for the right to buy Acreage Holdings pending the federal legalization of marijuana in the US. The shareholder vote is expected to happen in June.An activist hedge fund that owns a significant amount of shares in US marijuana retailer Acreage Holdings is opposing the company's landmark sale to Canadian marijuana retailer Canopy Growth.San Francisco-based Marcato Capital Management, which owns 2.7% of Acreage's shares, said in a Monday letter it would fight against the deal, calling it “lopsided” in Canopy's favor. The letter was signed by Mick Mcguire, Marcato's founder and managing partner. “The structure and consideration offered in this proposed transaction simply does not create value for Acreage shareholders,” the letter said. Read more: The lawyer who led Canopy Growth's groundbreaking $3.4 billion purchase of the US marijuana cultivator Acreage Holdings says the sale will 'untap the market' for companies hunting similar dealsMarcato said it will vote against the deal in June and would prefer Acreage to remain independent. If Acreage's board insists on selling the company or pursuing a strategic tie-up with a major cannabis, alcohol, tobacco, or other consumer company, then Marcato said it would prefer to hire an investment bank to run a formal auction.Specifically, Marcato said the transaction value of $3.4 billion is “substantially lower” than the fair value of Acreage, noting that Acreage's shares have slipped 6% since the day before the deal was announced and Canopy's have increased 15% over the same period. “Shareholders of both companies appear to share Marcato's view that this is a great deal for Canopy and a terrible deal for Acreage,” the letter said. “Canopy stock for Acreage stock is simply a bad deal for Acreage shareholders.”Marcato also called out the investment bank Canaccord Genuity's fairness opinion on the transaction. Canaccord analysts valued Acreage's stock at $27.48, four months after initiating coverage of the company at $35 per share.Acreage spokesperson Howard Schacter told Business Insider that the company is “very confident” this deal will get done. Marcato's opposition to the deal is “one shareholder's opinion,” said Schacter. “It's inconsistent with the opinions of the majority of shareholders we've spoken to since the deal was announced.”Read more: Top cannabis CEOs say Canopy Growth's $3.4 billion purchase of pot cultivator Acreage 'shakes the foundation of what has been true' and will spur a cannabis M&A boomCanopy announced in April it had entered into a conditional agreement to purchase Acreage for $3.4 billion conditional on the US federal legalization of marijuana. Acreage shareholders will receive an immediate $300 million payment in cash, pending a shareholder vote in June, with the rest of the balance coming if, or when, marijuana is legalized in the US.The deal will be terminated in seven years if a federally legal pathway doesn't emerge. It's not clear what would happen to the $300 million that Canopy Growth paid up front if the deal doesn't go through.The deal's complex structure is due to the shifting regulations around marijuana in the US. While marijuana is legal for adults in some form in 33 states, it remains federally illegal. Acreage CEO Kevin Murphy wrote a letter to shareholders earlier this month in an attempt to clear up what some say is the deal's confusing structure, as reported by The Globe and Mail.Acreage plans to release a takeover circular in the next two-to-three weeks to reveal fresh details of the negotiations between the two companies. Read more:Marijuana retailer Curaleaf is snapping up Cura Partners for $949 million in the largest US marijuana merger to date as a wave of consolidation sweeps the industryWe got an exclusive look at the pitch deck buzzy marijuana tech startup Headset used to raise $12 million and ink deals with Nielsen and DeloitteTop cannabis investors reveal where they're placing bets, but say there's 'pain to come' in the crowded CBD spaceThe CEO of a cannabis company with a slick new dispensary in Brooklyn talks about expansion plans following the company's $1.4 billion public debut

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